Global Dairy Market to Reach a Value of US$ 810 Billion by 2022

“Global Dairy Market to Reach a Value of US$ 810 Billion by 2022”

Dairy products form an integral part of the everyday diet of a large part of the global population. The global dairy market has witnessed a moderate growth over the past few years. Looking forward, the demand from emerging regions is anticipated to catalyse the market.

According to IMARC Group’s latest report, titled “Global Dairy Market Report, Trends and Forecast (2017-2021)”, the global dairy marketreached a value of more than US$ 590 Billion in 2016, growing at a CAGR of nearly 8% during 2009-2016. Dairy involves harvesting and processing of animal milk for human consumption which is further used in the production of various dairy products. An essential part of the human diet, dairy products are highly nutritive as they are rich in carbohydrates, proteins, calcium, phosphorus, potassium, vitamins A, D, B12, riboflavin and niacin, and offer numerous health benefits. In recent years, the market has been facing challenges due to an imbalance in the demand-supply ratio. However, the market is now expected to recover at a steady rate.

Highlights of the global dairy market:

Unrelenting population growth all over the world has encouraged the demand for dairy products.

Fluid milk represents the most popular product type.

Asia dominates the market for dairy products, accounting for a third of the total share.

A sudden fall in imports from two major dairy importers, Russia and China, led to a heavy dairy inventory and downfall in the dairy prices during 2009-10. The market is now on the path of attaining its demand-supply equilibrium owing to a number of drivers. Rise in the global population is driving the growth of the dairy market. Apart from this, emerging economies with rising disposable incomes, health consciousness and a shift towards nutritional food has increased the demand for dairy products. Further, there has been a rise in investments by local and multinational food and beverage companies to build capacity and product development capability to meet the growing demand. According to the report, the market is further expected to reach a value of US$ 740.5 billion by 2021.

Based on product type, the market is categorised into 17 major product segments. Fluid milk is the largest product segment. Other products include UHT milk, flavoured milk, cream, table butter, ghee, anhydrous milk fat, skimmed milk powder, whole milk powder, whey protein (powder and concentrate), casein powder, lactose powder, cheese, yogurt, ice-cream, cottage cheese and probiotic dairy products. The market has also been segmented on the basis of milch animals, including cow, buffalo and others. Region-wise, Asia represents the largest market, holding nearly a third of the total global share. Other regions include European Union, North America, Latin America, Eastern Europe and Oceania. On evaluating the competitive landscape, it is found that Nestle, Danone, Lactalis, Fonterra, FrieslandCampina, Dairy Farmers of America, Arla Foods, Dean Foods and DMK are the key players operative in the market.

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